CFA’s Rohit Chopra Nominated to Serve as Federal Trade Commissioner

October 19, 2017
| Press Release

Washington, D.C. – Today, President Trump nominated Rohit Chopra, a Senior Fellow at the Consumer Federation of America, to serve as a Federal Trade Commissioner. The Federal Trade Commission (FTC) is the country’s primary consumer protection agency, charged with ensuring that the marketplace is competitive and free of unfair business practices. The agency is led by a bipartisan panel of five Commissioners.

“Rohit is fair-minded, independent, and committed to a marketplace that works for consumers and honest businesses,” said CFA Executive Director Stephen Brobeck. “He is well-respected by those with all points of view, and his experience and character will be valuable assets in this critical role.”

Chopra’s work at CFA focuses on consumer protection issues facing young people and military families. He is widely regarded for his expertise in the student loan market.

He previously served as Assistant Director of the Consumer Financial Protection Bureau, where he oversaw the agency’s work on behalf of students and young consumers. He was also named by the Secretary of the Treasury to serve as the CFPB’s Student Loan Ombudsman. Chopra later served as Special Adviser to the Secretary of Education to seek enhancements to student loan servicing and to develop stronger consumer protection standards.

During his tenure at the CFPB, the agency obtained hundreds of millions of dollars in refunds and relief for student loan borrowers to address illegal practices at companies like Wells Fargo and Corinthian Colleges. Under a newly established system, tens of thousands of student loan borrowers have filed complaints to get servicing errors fixed and other help. Chopra helped develop a Financial Aid Shopping Sheet, voluntarily adopted by thousands of colleges and universities, to help students and families make better decisions about student loans.

He also issued a series of reports about industry practices that exacerbated indebtedness and frequently testified before Congress. For example, in 2012, Chopra and Holly Petraeus issued a report uncovering a student loan overcharging scheme targeting members of the military. The report led regulators to charge Sallie Mae and Navient with violating the Servicemembers Civil Relief Act, providing $60 million in refunds for 78,000 servicemembers and veterans. He also worked with a bipartisan group of state Attorneys General to shut down debt relief scams and deceptive lead generators, such as GIBill.com.

“I’m delighted to see Rohit Chopra nominated to serve as an FTC Commissioner. He did stellar work at the Consumer Financial Protection Bureau, spotlighting abuses that impacted tens of thousands of servicemembers and veterans with student loans,” said Holly Petraeus, who also served as Assistant Director of the Consumer Financial Protection Bureau, leading the agency’s Office of Servicemember Affairs. “He has continued to work to protect the rights of consumers and borrowers, and I look forward to his future contributions to the work of the FTC.”

Chopra also worked closely with entrepreneurs, capital markets professionals, and other regulators to help jumpstart competition in the student loan market, where a few players dominate. Today, consumers enjoy more competitive pricing, methods to compare loans, and new refinancing options.

The FTC is at the forefront of key issues facing consumers, from technology to financial services and more.

Contact: Jack Gillis, 202-737-0766

The Consumer Federation of America is an association of more than 250 non-profit consumer groups that, since 1968, has sought to advance the consumer interest through research, education, and advocacy.